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Friday September 22, 2023

THE MINNESOTA HOUSING INDUSTRY NEWS SOURCE BY HOUSING FIRST MINNESOTA

Tag: Minnesota Housing Market

  • Home prices in the Twin Cities soften, supply remains scarce

    Home prices in the Twin Cities soften, supply remains scarce

    According to new data from Minneapolis Area Realtors and St. Paul Area Association of Realtors, since last summer, housing prices have dropped 3.1% to a median sales price of $396,100. This is the largest annual decrease since December 2011. In the Twin Cities area, prices decreased significantly during April and May. However, in June, they… Read More

  • House passes housing omnibus bill, punts on zoning modernization

    House passes housing omnibus bill, punts on zoning modernization

    The legislature is spending the final weeks of the 2023 legislative session consumed with debate on various finance and policy omnibus bills. On Wednesday night, the House of Representatives heard the housing omnibus bill, HF 2335 (Howard). The bill would appropriate $1.07 billion over the 2024-25 biennium to housing-related programs. Amendments regarding zoning heard During… Read More

  • Homebuilding off to slow start in 2023

    Homebuilding off to slow start in 2023

    Twin Cities homebuilding activity continues to stall as mortgage rates hold homebuyers on the sidelines. Metro builders pulled permits for 328 single-family homes in January, a 46% drop from January of last year. Multifamily construction in the Twin Cities hit a slump as well with a 53% drop in total permitted units from this time… Read More

  • The 2022 metro housing market; a tale of two markets

    The 2022 metro housing market; a tale of two markets

    According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities housing market last year was a tale of two markets. The first half of 2022 reflected much of the all-out frenzied feeling of the previous year and a half. Fierce and competitive buyer activity with multiple… Read More

  • Commentary: Big Problems Require Bold, Ambitious Action – Housing Is No Different

    Commentary: Big Problems Require Bold, Ambitious Action – Housing Is No Different

    By Nick Erickson, Housing Affordability Institute Editor’s note: Housing Industry News publishes a mix of commentaries online and in print. Across the nation, legislators and governors are thinking big when it comes to housing reform. Massive issues like the housing inventory, affordability and access problems seen in a growing number of states require bold and… Read More

  • Zoning modernization takes first steps at Capitol

    Zoning modernization takes first steps at Capitol

    As the legislature moves into its third month of the 2023 session, Minnesota’s crisis-level housing supply challenge took its first step forward. Rep. Steve Elkins (DFL-Bloomington) authored HF 2235, a zoning modernization bill, calling it the ‘Legalize Affordable Housing Act’. The measure cleared its first hurdle, passing out of the House of Representatives Housing Committee.… Read More

  • Bill proposing ban on single-family rental construction garners national attention

    Bill proposing ban on single-family rental construction garners national attention

    As with any legislative session, a wide variety of issues are being discussed and debated. Among these are many housing-related issues. Recently, a bill to ban the construction of single-family for rent homes by corporations, has stood out as housing leaders look to address the state’s housing supply crisis. And now, this proposal has caught… Read More

  • Minnesota Democrats unveil $3 billion housing plan

    Minnesota Democrats unveil $3 billion housing plan

    At a press conference this week, DFL members of the legislature introduced what they are calling a “transformational” and “bold” approach to solving the state’s housing crisis. Members from both the Senate and House unveiled “All Roads Lead Back to Home“, a proposal to spend $3 billion on new programs and funding to address child… Read More

  • Home Price Growth Returns to Historic Norms

    According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities market started to show signs of a return to normalcy in February. The median home sale price was up 2.7 percent to $341,995. This is compared to nearly three years of about 10 percent year-over-year increases. According to… Read More

  • Twin Cities homebuilders respond to slowing market

    Twin Cities homebuilders respond to slowing market

     According to the National Association of Home Builders Housing Market Index, builder sentiment in November fell to the lowest level since 2012, apart from the first two months of the COVID-19 pandemic.  Throughout the pandemic, builders were seeing fast and furious demand from buyers. But now, overall economic uncertainty and mortgage rate increases have led… Read More

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